Plastic money or polymer money, made out of plastic, is a new and easier way of paying for goods and services. Plastic money was introduced in the 1950s and is now an essential form of ready money which reduces the risk of handling a huge amount of cash. It includes credit cards, debits cards, ATMs, smart cards, etc. This article on plastic money is divided into two portions titled Concept and Experiences. The former covers the emergence of plastic money, different types of plastic cards, their growth in India and other related issues. The later portion covers the experiences of banks like South Indian Bank (SIB), which deal with plastic money and their importance in the market.

OBJECTIVES OF THE STUDY

The following objectives are identified:-

Primary Objective. To know the usage and adaption of plastic money.

Secondary Objectives. Secondary objectives are as under:-

- To know the importance of plastic money in the daily life of consumer’s with reference to credit and debit cards.

- To study the benefits of debit card & credit cards.

- To find out the market leader among the various banks/ companies issuing credit and debit cards.

- To know the problems faced by respondents using plastic money.

- To study the satisfaction level of consumers towards plastic money.

Need of the Study

It is rightly said plastic money is need of the hour. People are using these cards on a vast scale. But after considering the material available on the subject, it is seen that the whole payment process of processing these cards is not safe and customer are facing many problems related to plastic money. That is the reason why the study is being focused on consumer prescription regarding plastic money. Need of the study is to get to know about the comparative analysis of plastic money. Meaning. Plastic money refers to smart cards, which are used by individuals or corporates in place of money to get a credit value or to give debit value. In addition plastic or polymer notes are used as currency too. However, in this article, the same is not discussed.

Definition. A slang phrase for cards, especially when such cards are used to make purchases. The “plastic” portion of this term refers to the plastic construction of cards, as opposed to paper and metal currency. The “money” portion is an erroneous reference to these cards as a form of money, which they are not, although all cards do facilitate transactions.

The History of Credit Cards and Debit Cards in Banking Industry

Plastic cards have evolved into a safe and secure manner to purchase goods and services. The internet has given credit card users additional purchasing power. Banks have options like cash-back rewards, savings plans and other incentives to entice people to use their cards. Debit cards allow people the convenience, security and rewards; opposed to cheques or cash.

Credit Card Origins. The first credit cards were issued by individual stores and merchants. These cards were issued in limited locations and only accepted by the businesses that issued them. While cards were convenient for the customers, they also provided customer loyalty and customer service benefit, which was good for both customer and merchant. It was not until 1950 that the Diner’s Club card was created by a restaurant patron who forgot his wallet and realized there needed to be an alternative to cash transactions.

Plastic Becomes the Standard. The first Diner’s Club cards were made out of cardboard or celluloid. In 1959...

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...know the perception of people towards plasticmoney.
Secondary objectives:-
•To know the importance of plasticmoney in the daily life of consumers’ W.R.T credit and debit cards.
•To study the benefits of debit card and credit cards.
•To find out the market leader among the various banks/companies issuing credit and debit cards
•To know the problems faced by respondents using plasticmoney.
•To study the satisfaction level of consumers towards plasticmoney.
NEED AND SCOPE OF THE STUDY
Need of the study:-
It is rightly said the plasticmoney is need of hour. People are using these cards on a vast scale. But after considering the review of literature it is seen the whole payment process of processing these cards is not safe and customer are facing many problems relating to plasticmoney. That’s why study is focused on consumer perception regarding the plasticmoney. Need of the study is to get to know about the comparative analysis of plasticmoney. There are many ethical issues and challenges in the market of plasticmoney which is required to be studied. This study is concerned with the Seven perks of plasticmoney Convenience, Budgeting technology, Reputation...

...Essentials of Islamic Finance
Article
On
PlasticMoney
COURSE : EOIF
PROGRAME : MBA (E)
INSTRUCTOR : Mr. IRSHAD AHMED
SUBMITTED BY : MUHAMMAD AHSAN (3328)
IQRA UNIVERSITY
Gulshan Campus
PREFACE
It has been a tradition that the students of MBA submit an article during their course. The purpose of this article is to give a chance to apply the concepts they learnt during course so that their level of understanding of concepts can be evaluated and corrected.
Although this article was only on some areas of EOIF but to understand EOIF we had studies various other Islamic finance concepts. This whole study gave us real insight about the basic concepts of EOIF.
ACKNOWLEDGEMENT
With a feeling of humility we thank our course instructor Mr. Irshad Ahmed for having made us write this Article.
DEBIT AND CREDIT CARDS
The great thing about paying with plastic is that it's convenient and secure but which sort of card to use?
Both debit and credit cards are issued by banks and building societies. Although they are the issuers what it means is that they join one of the big card systems such as Visa or MasterCard. Although both debit cards and credit cards can be used to pay for goods in shops there are some important differences between the two.
The two debit cards used in this country are Switch and Visa...

...﻿essay on PlasticMoneyPlasticMoney is the term used to indicate Credit cards & Debit cards. Before the advent of Credit cards and Debit cards a major portion of the business transactions were carried on through cash.
Even though there existed a very strong banking industry the business was more dependent on cash transactions than the banking channel due to the lack of information with regard to the credit worthiness o the customers and the inherent delay in collections.
This posed a major problem for both the business community as well as the individuals. The plight of the travellers was still worse; they were forced to carry large quantities of cash wherever they went. Carrying cash in itself was a great threat than anything else. Thanks to the development in technology and computerisation, with the use of the smart cards like Credit cards & Debit a is the need to carry cash is significant!
reduced. You can shop whenever you want and you can make the payment instantly either with a Credit card or a Debit card. Since the cash is replaced by plastic cards (whether Credit card or Debit card) it is called plasticmoney.
The plasticmoney brings with it various advantages like availing a credit facility whenever you want and paying for your purchases or making other utility payments without actually exchanging money or visiting the...

...WHAT IS PLASTICMONEY?
•Plasticmoney are the alternative to the cash or the standard ‘Money'.
•Plasticmoney is the generic term for all types of bank cards, credit cards, debit cards, smart cards, etc.
DEFINITION
The :plastic” portion of this term refers to the plastic construction of credit cards, as opposed to paper and metal of currency. Themoney portion is an erroneous reference to credit cards as a form of money, which they are not. Although credit cards do facilitate transactions, because they are a liability rather than an asset, they are not money and not part of the economy’s money supply.
INTRODUCTION:
Paper money was first used in China around the seventh century AD, only to be outlawed in 1455. The use of folding currency re-emerged in England in 1694. The biggest problem which was occurring with the paper note is the wear; the paper note has very small life due to shifting of ownership by time to time and their usage. Firstly Australia was the first who develop the plastic note which have longer life but after wore they are recycled for further utilizing. The plastic notes also secure the government for copying because paper note easily copied but plastic note cannot be copied....

...﻿Is the recycling of plastics bringing any long-term benefits to the environment?
Plastics are one of the most popular building materials of modern human culture, but its widespread has brought many problems and caused environmental issues of extraordinary scale. Throughout the years, discarded plastics are accumulating as debris in landfills and in natural habitats worldwide. To control this issue, governments of many countries have established industrial processes for transforming discarded plastic into useful materials, and educated communities to the benefits of recycling around the world.
Incineration reduces the need for landfill of plastic waste, although there are apprehensions that harmful substances may be leaked into the environment during the process. PVC (Polyvinyl Chloride) and halogenated additives are normally present in mixed plastic waste, which can result to the threat of dioxins and other toxic chemicals being released into the atmosphere (Dr. Mercola, 2013).
Chemical Formula of PVC:
CH2= CHCI
Landfill of PVC has environmental and social impacts. This is due to the non-biodegradability of PVC, which stays in place indefinitely; PVC may release toxic chemicals that can possibly contaminate the soil and water (Dr Mercola, 2013).
Lowers Carbon Footprint:
Manufacturing plastics from recycled material require less amount of energy...

...“Wood-Plastic Composite & Plastic Lumber to 2018” on RnRMarketResearch.com.
US demand to jump more than10% annually
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...Plastics have been around for a long time now. It has been said that even before Alexander Parke’s major pioneering contribution to the development of plastics from cellulose nitrate in the 1850’s, plastic like materials have been in use by mankind for centuries. Now life without plastic cannot even be imagined. Almost every piece we use day to day is either a plastic or has plastic components in it. Because plastics can be made into products of different strengths and flexibility we can find plastic products ranging from car bodies, home and office furniture, computers, water bottles and as package materials for almost everything that needs transportation and storage. Besides since plastics are mostly made from the byproducts of the petroleum manufacturing processes, they are very inexpensive. The increasing use of single use plastic has also resulted in it being added to the Municipal Solid Waste according to the Environmental Protection Agency. Single use plastics are basically the plastic products used for packing purposes of almost all manufactured products from the most high tech equipment like computers to the most basic ones like drinking water. Single use plastics may be convenient but at what cost to human life and the planet.
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...Background
The overuse of plastics in today's society has become major environmental issue for our oceans. Plastic pollution is the dumping, littering, or disposing of any type of man-made plastic that has been produced and has ended up in our ocean and has not been recycled.
History of Plastic
"Plastic" entered the world through chemistry in 1909 and was originally coined to describe Bakelite, the first fully synthetic resin. What make's plastic so unique is when it is heated it can be molded but it retained its shape when cooled (Reddy, 2010). The modern plastic bag was not possible until the accidental discovery of the first industrially practical method of polyethylene synthesis in 1933. Fast forward to today, the use and manufacturing of polyethylene have seen rapid growth and has come from four percent of the world's petroleum(Sang, 2011). It's been less than 30 years since the introduction of the plastic grocery bag but experts estimate that our current use of plastic bags is 500 million to 1 trillion per year.
Problem With PlasticPlastic, which we now know is a by-product of petroleum production has been in use for over 100 years and has no real end in sight. The plastic we produce has four key characteristics that make -up there identity:
Sang, Anita. "Plastic Bags And...